Quarterly report pursuant to Section 13 or 15(d)

Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables)

v3.20.4
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables)
6 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Translation Exchange Rates

As of December 31, 2020 and June 30, 2020, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows:

 

    December 31, 2020     June 30, 2020  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.7706       0.6891  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.7233       0.6742  

Schedule of Change in Accumulated Other Comprehensive Income (Loss)

The change in Accumulated Other Comprehensive Income (Loss) by component during the six months ended December 31, 2020 was as follows:

 

    Foreign
Currency Items:
 
Balance, June 30, 2020   $ 1,267,671  
Foreign currency translation loss     (243,520 )
Ending balance, December 31, 2020   $ 1,024,151  

Schedule of Property and Equipment Estimated Useful Lives

The estimated useful lives are as follows:

 

Machinery and equipment - 5 years
Furniture - 7 years

Schedule of Dilutive Securities Excluded from Computation

The securities for the period ended December 31, 2020 and 2019 were considered dilutive securities which were excluded from the computation since the effect is anti-dilutive.

 

    December 31, 2020     December 31, 2019  
      (Unaudited)       (Unaudited)  
Stock Options     60       60  
Stock Warrants     135,724       1,975  
Unvested restricted stock     59       117  
Convertible Debt     4,199,847       10,200  
Total     4,335,690       12,352